Stocks Rose After Jobs Data

U.S. stocks rose at the open on Friday after the Labor Department said 195,000 jobs were added to the economy last month, blasting through expectations. The Dow Jones industrial average lately rose 69.88 points or 0.47 percent, to 15,058.43, the S&P 500 gained 10.00 points or 0.62 percent, to 1,625.41 and the Nasdaq Composite added 20.19 points or 0.59 percent, to 3,463.86.

U.S. employers added 195,000 jobs in June and hiring was more robust in the two previous months than earlier estimated. The gains raise hopes for a stronger economy in the second half of 2013. The unemployment rate remained 7.6
percent. Pay also rose sharply in June, the Labor Department’s monthly jobs report Friday showed.

Standard & Poor’s downgraded Nokia further into junk territory on Friday, warning that the Finnish telecom firm’s plan to take over Siemens AG’s stake in their joint network equipment venture would strain its finances.

Dell Inc. (NASDAQ:DELL) addressed questions raised by its shareholders and the proxy advisory firm, Institutional Shareholder Services, in a supplemental slideshow filed with the U.S. Securities and Exchange Commission.

China said on Friday it would cut off credit to force consolidation in industries plagued by overcapacity as it seeks to end the economy’s dependence on extravagant investment funded by cheap debt.

Portugal’s president warned on Friday that a negative scenario for the country would be if it failed to return to markets as planned in 2014 due to external events or internal politics.

German manufacturing orders in May were much weaker than expected once again, as another sharp drop in domestic orders squashed expectations of a recovery in domestic investment. German manufacturing orders in May declined 1.3% on the month after April’s 2.2% drop, data from the Economics Ministry showed Friday, falling short of analysts’ expectations
for a 1.2% increase.